Cayman Islands vs Bermuda: which jurisdiction wins?

Cayman Islands vs Bermuda — both credible, very different trade-offs. Below: side-by-side on the variables that actually move the decision.

	Cayman Islands	Bermuda
Tax headline	0% corporate, capital gains, and income tax	0% (15% CIT for in-scope MNEs from 2025)
Formation days	5	7
First-year cost	$4,200	$6,500
Treaties	Limited	Limited
Substance	Economic Substance Law applies to relevant activities	Economic Substance Act 2018
Banking	Top-tier prime brokerage and crypto-friendly banking via Cayman National & private banks	Butterfield, HSBC Bermuda, Clarien

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